Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results)
13,330
12,649
5.38
8,321
60.2
Gross written premiums (GWP)
45,732
39,030
17.17
41,888
9.18
Net written premiums (NWP)
14,869
14,657
1.45
14,261
4.26
Net incurred claims
11,138
16,829
-33.82
10,448
6.6
Net profit (loss) of policy holders investment
372
658
-43.47
347
7.2
Net profit (loss) of shareholders capital investment
383
2,919
-86.88
602
-36.38
All figures are in (Thousands) Saudi Arabia, Riyals
Element
Current period
Similar period for previous year
% Change
Net profit (loss) before Zakat
38,396
37,303
2.93
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results)
37,639
39,342
-4.33
Gross written premiums (GWP)
220,498
214,837
2.64
Net written premiums (NWP)
105,390
108,130
-2.53
Net incurred claims
38,865
57,838
-32.8
Net profit (loss) of policy holders investment
1,712
2,554
-32.97
Net profit (loss) of shareholders capital investment
2,773
3,503
-20.84
Earning or loss per share, Riyals
1.92
1.87
-
All figures are in (Thousands) Saudi Arabia, Riyals
Element
EXPLAINATION
Reasons of increase (decrease) for the quarter compared with same quarter last year
The reasons for the decrease in the net profit are due to a decrease in net premiums earned, a decrease in net investment income from policyholder and shareholder, and the increase in general & administrative expenses.
Reasons of increase (decrease) for the period compared with same period last year
The reasons for the increase in the net profit are due to a decrease in net claims incurred, and the reduction in the policy acquisition cost.
Reasons of increase (decrease) for the quarter compared with the previous quarter
The reasons for the increase in net profit are due to an increase in net premium earned, an increase in reinsurance commission income, and the decrease in provision of doubtful debts.
Reclassifications in quarterly financial results
Some of the items in comparison figures reclassified to meet with the current period figures.
Other notes
1. Profit per share was calculated before Zakat and Income Tax. 2. Total shareholders equity (there are no minority rights) as at 31/12/2017 SAR 273,583 thousand compared to SAR 249,413 thousand for the same period of last year with an increase of 9.69%. 3. The total comprehensive income for the current quarter is SAR 11,679 thousand compared to SAR 13,852 thousand for the same quarter last year, a decrease of 15.69%. However, the comprehensive income for the current quarter has increased compared to SAR 7,800 thousand in the last quarter, an increase of 49.73%. 4. On the other hand, the current comprehensive income for the period is SAR 38,396 thousand compared to SAR 37,303 thousand for the same period last year with an increase of 2.93%. 5. Earnings per share after zakat for the twelve months period of 2016 have been calculated by dividing the net income for the period SAR 37,303 thousand by the weighted average number of outstanding shares of 20,000 thousand shares for the comparative purpose based on the 100% bonus share issue approved by General Assembly on 19 Oct 2017 which increased the number of outstanding shares from 10,000 thousand shares to the current outstanding shares of 20,000 shares. On the other hand, earning per share after zakat for the twelve months period of 2017 have been calculated by dividing the net income for the period SAR 38,396 thousand by the weighted average number of outstanding shares during the period which is 20,000 thousand as at 31/12/2017.
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